Fluor price target raised to $43 from $36.50 at BofA

BofA raised the firm’s price target on Fluor (FLR) to $43 from $36.50 and keeps a Neutral rating on the shares. Shares fell 27% on the “perfect storm” of a weak Q2, lowered guidance and disappointment around NuScale (SMR) monetization, the analyst tells investors. While stating that Fluor has “made great strides over the years on its turnaround,” the firm adds that Q2 was a step-back on projects and contends that the pipeline is “muted for now.” The firm lowered estimates post Q2 results, but raised its price target as it rolls forward valuation by a year.